TomTom attracts interest from three suitors
The Netherlands-based navigation systems specialist TomTom [EPA:TOM2] has attracted acquisition interest from three different parties over the past year, the Dutch daily De Telegraaf reported, based on an analysis by stock analyst and former fund manager Swen Lorenz.
The names of the parties have not been mentioned.
It is expected that TomTom will attract more interest from potential buyers with the completion of the sale of its Telematics division, the report said.
As reported, TomTom has completed the sale of its Telematics division to Bridgestone [TYO:5108], according to a press release on 1 April, 2019.
There have been rumours that TomTom's founder and CEO Harold Goddijn is interested in selling the company, De Telegraaf reported, noting Lorenz. Goddijn and three other co-founders together hold a 44% stake in the company.
A private equity firm could be willing to offer up to EUR 12.61 per share for the company, while a strategic investor is likely to offer more, the report said.
Should it come to a bidding contest, the shares of TomTom could increase by at least 48%, the article further noted.